A(n) ________ is a procedure designed to obtain information from a person through oral responses to oral inquiries

On June 15, Harper purchased equipment for $100,000 from Imperial Corp. for use in its manufacturing process. Harper paid for the equipment with funds borrowed from Eastern Bank. Harper gave Eastern a security agreement and financing statement covering Harper's existing and after-acquired equipment. On June 21, Harper was petitioned involuntarily into bankruptcy under Chapter 7 of the Federal Bankruptcy Code. A bankruptcy trustee was appointed. On June 23, Eastern filed the financing statement. Which of the parties will have a superior security interest in the equipment?

A. The trustee in bankruptcy, because the filing of the financing statement after the commencement of the bankruptcy case would be deemed a preferential transfer. B. The trustee in bankruptcy, because the trustee became a lien creditor before Eastern perfected its security interest. C. Eastern, because it had a perfected purchase money security interest without having to file a financing statement. D. Eastern, because it perfected its security interest within the permissible time limits.

________ powers of a corporation - unless expressly prohibited, corporation has implied powers to borrow funds w/in certain limits, lend funds, and extend credit to those w/ whom it has a legal or contractual relationship.

Fill in the blank(s) with the appropriate word(s).